Bahrain, 12 May 2016: United Gulf Bank B.S.C. (“UGB”) has announced a net profit attributable to shareholders of parent of US$ 3.0 million for the first quarter of 2016 compared to US$ 2.1 million in the first three months of 2015.
Key Financial Highlights – 1Q16
- Net profit attributable to the shareholders of the parent of US$ 3.0 million (1Q15: US$ 2.1 million)
- Net profit for the first three months of US$ 0.4 million (1Q15: US$ 0.2 million)
- Basic earnings per share of 0.37 cents (1Q15: 0.26 cents)
- Total income before interest and other expenses of US$ 33.0 million (1Q15: US$ 35.2 million)
- Total assets of US$ 2.9 billion (31 December 2015: US$ 2.7 billion)
Financial Performance
UGB’s net profit attributable to shareholders of parent increased to US$ 3.0 million compared to US$ 2.1 million for the same period last year. UGB total income decreased slightly to US$ 33.0 million compared to US$35.2 million at 31 March 2015.
UGB’s total assets marginally increased to US$ 2.9 billion as at 1Q16, compared to US$ 2.7 billion at 31 December 2015.
During 1Q2016, UGB issued Additional Tier 1 Capital Facility of USD 33 million to further strengthen its capital base. As a result total equity increased to US$ 534.6 million (31 December 2015: US$ 503.3 million).
Commenting on the results, Mr. Hussain Lalani, Acting Chief Executive Officer of UGB, said:
“Our ability to post positive results consistently is a testament of our strategy. On the base of a healthy asset portfolio, strong liquidity and strengthened equity base, we remain confident of our future profitability, which is for the most part driven by a predictable and recurring revenue stream.”
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About UGB:
UGB is the merchant banking subsidiary of KIPCO Group. Its proprietary investments include assets in commercial banking, real estate, private equity, and quoted securities. As of 31 March 2016 assets under management exceeded US$ 10.9 billion (31 December 2015: US$ 10.7 billion).
UGB’s core subsidiaries and associates: Burgan Bank, KAMCO investment Company (KAMCO), North Africa Holding Company, United Gulf Financial Services – North Africa, Takaud Savings & Pension Company, FIMBank p.l.c, United Capital Transport Company and United Real Estate Company.
UGB and its subsidiary KAMCO have a proven track record of successfully completing more than 60 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 8 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition.
For further information:
United Gulf Bank
Wadia Majeed
T: +97317520150
E: wadia@ugbbah.com